Filter out all the flashy market noise and calmly look at MERL’s current trend—you’ll see a rather harsh situation.

What’s happening in this market? Liquidity is rapidly draining, and there’s a severe imbalance between buy and sell orders. Over the past few weeks, MERL’s performance has basically confirmed this assessment—the data doesn’t lie; capital is retreating, and there’s clearly a lack of buying interest.

Once this kind of supply-demand structure forms, it’s not something that can be reversed in just a day or two.